Elon Musk, a billionaire businessman who owns Tesla, released its third-quarter results report, which showed that the company’s Bitcoin stockpile had not changed and that it still held $218 million worth of digital currency.
Tesla did not record any impairment charges to the value of its holdings because the cost of bitcoin was nearly the same at the end of the second and third quarters, at little under $20,000.
MicroStrategy and Galaxy Digital Holdings have more Bitcoin than Tesla overall (130 000 BTC, or about $2.48 billion and $313 million, respectively), but Tesla is still one of the biggest publicly traded businesses to hold Bitcoin.
In July, Tesla sold 75% of its Bitcoin holdings for a $936 million profit.
Since it wasn’t clear when the Covid lockdowns in China would end, Musk says the decision to sell the bitcoin was made because “we needed to make the most of our money.”
A few days later, it was discovered that Elon Musk’s Tesla had $222 million worth of digital assets on its financial sheet in a report made to the US Securities and Exchange Commission.
It’s vital to keep in mind that these numbers only reflect Tesla’s Bitcoin holdings as of the time the SEC filings were submitted. Since digital assets don’t have the usual market fluctuations, the real value could be a lot higher or lower.
Leaked emails from September showed that the richest person in the world talked with Jack Dorsey of Block Inc. and Sam Bankman-Fried of FTX about the likely future of the most popular social networking site.
One suggestion was the use of Dogecoin, Musk’s favourite cryptocurrency, as a method of payment.
The article Elon Musk’s Tesla Persisted in Keeping $218 Million in Bitcoin in the Third Quarter originally appeared on Coin Edition.
